It's been one small step for man, one giant leap for Glasgow City Council who have secured funding for an all new space centre.

The money from the UK Space Agency will be used by the council and Strathclyde University's Scottish Centre for Satellite Applications (SoXSA) to fund an innovation hub, The Tontine in the Merchant City.

Scotland will now have a massive share of the UK space industry, worth £11 billion, with successful space companies from all around the world choosing to base themselves in Glasgow.

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Councillor Frank McAveety, leader of Glasgow City Council, said: “I am thrilled by this news: it is another coup for The Tontine, which will provide a perfect environment for young and growing companies in the space sector.

"Attracting such companies is great for the innovation clusters developing in Glasgow, underlining our growing status as a home for advanced industries and technologies, so critical to our long-term success.

"This is a fantastic day for the city and our economy, and the result of the hard work of the council and our partners.”

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The Tontine is the first project to be funded through the £1.13 billion Glasgow City Region City Deal, and is expected to inject £53.6 million in to the economy of the city.

It will support and sustain the development of high–growth companies in the enabling technologies, advanced design and manufacturing, and creative economy sectors.

Professor Sir Jim McDonald, principal of the University of Strathclyde said: “This investment from the UK Space Agency underlines the city of Glasgow’s international reputation as a thriving hub for businesses in the space sector, which play a vital role in the growth and advancement of the industry globally.

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As an entrepreneurial university and home to one of Europe’s largest space engineering research groups, it’s fitting that we work with Glasgow City Council to attract more innovative companies to the heart of our city – and to Scotland’s first Innovation District. "

The space hub at the Tontine will join a UK-wide network of space incubators, which will support the UK’s ambitious plans to achieve 10% of the global space market by 2030.